27Effect of conveying legal estate to infant.
(1)A conveyance of a legal estate in land to an infant alone, or to two or more persons jointly, both or all of whom are infants, for his or their own benefit shall operate only as an agreement for valuable consideration to execute a settlement by means of a principal vesting deed and a trust instrument in favour of the infant or infants, and in the meantime to hold the land in trust for the infant or infants.
(2)Nothing in this Act prevents an equitable interest in settled land being vested in or transferred to an infant.
(3)Nothing in this Act affects the powers conferred by the [18 & 19 Vict. c. 43.] Infant Settlements Act, 1855, provided that a legal estate in land is not vested in an infant.